Article

Home Loans
February 02 , 2013

 If you borrow money to buy or construct a home, such a loan is called a home loan or a mortgage. You get a loan from the Bank to buy a new or existing home, by pledging the home in the name of the Bank till the loan is repaid. So the Bank checks for two things: whether you have capacity to repay a loan of this size; and whether the property you are pledging is free from dispute. It then pays the amount directly to the builder or seller (in installments if the property is under construction).

In most cases, you can get upto 80% of the value of the house as a loan, with a tenure of anywhere from 5 to 25 years. The interest rate is usually floating, which means it varies with market conditions year-on-year. You also get tax benefits on Principal and Interest repayment.

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